Witch hunt, says Mallya after Sebi ban on trading

New Delhi, (IANS) After India’s market regulator Sebi barred Vijay Mallya from trading in the securities market for allegedly diverting funds from the United Spirits Ltd (USL) in his capacity as its Chairman, the beleaguered businessman said on Thursday he is “getting used to these witch hunts”.

“I am kind of getting used to these witch hunts coming from all directions with no legal basis whatsoever. Shows what government machinery can do,” Mallya tweeted.

He said that the allegations of fund diversion out of the USL are “baseless”.

“USL accounts were approved by top auditors, an eminent Board of Directors and shareholders…CBI alleges diversion of funds OUT of Kingfisher Air. Sebi alleges diversion of funds from USL into Kingfisher Air. What joke is this?” Mallya wrote.

“For 30 years I built the world’s largest spirits company and India’s largest brewing company. Also launched the finest airline. This is what I get?” he said.

He added that Kingfisher was a “great public utility service connecting India like never before”.

“It was not my private toy,” he said.

India’s market regulator, the Securities and Exchange Board of India (Sebi), on Wednesday barred Mallya and six officials of the USL from trading in the securities market with immediate effect.

They were “restrained from accessing the securities market and prohibited from buying, selling or otherwise dealing in securities in any manner whatsoever, either directly or indirectly” by Sebi.